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The Internationalization of Polish Firms: An Empirical Investigatin of the M-P Relationship

Author

Listed:
  • Grzegorz Karasiewicz

    (University of Warsaw, Faculty of Management)

  • Jan Nowak

    (Tischner European University)

Abstract

The purpose of this paper was to determine the nature of the relationship between multinationality and performance (M-P relationship) among Polish companies. It is based on a sample of over 300 Polish companies listed on Warsaw Stock Exchange, studied over two years (625 observations were used for statistical processing). Multiple regression and t-statistic analyses were applied to test three hypotheses. The dependent variable was company performance and the independent variable was the degree of company internationalization. A number of control variables were also incorporated in the regression models. The statistically significant results of the multiple regression analyses show that Polish companies experience a negative linear relationship between their degree of internationalization and performance for two variants of the dependent variable, and a non-linear, U-shaped relationship for one dependent variable. The results also show that companies operating on international markets achieve lower market-valuation results than their domestic counterparts, and companies with lower levels of multinationality perform better than those with higher levels of multinationality.

Suggested Citation

  • Grzegorz Karasiewicz & Jan Nowak, 2014. "The Internationalization of Polish Firms: An Empirical Investigatin of the M-P Relationship," Faculty of Management Working Paper Series 22014, University of Warsaw, Faculty of Management.
    • Handle: RePEc:sgm:fmuwwp:22014
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    File URL: http://www.wz.uw.edu.pl/portaleFiles/5630-Faculty%20of%20M/WP/WPS22014KarasiewiczNowak(1).pdf
    File Function: First version, 2014
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    More about this item

    Keywords

    international business; company internationalization; company performance; emerging markets; Poland;
    All these keywords.

    JEL classification:

    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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